đą Turkish parliament passes a crypto bill, imposing fines up to $182,600 and jail terms for violations. đŠ Crypto exchanges must now be licensed by the Capital Markets Board to operate legally. Unauthorized platforms could face 3-5 years imprisonment. The bill awaits President ErdoÄan's approval.
Crypto providers will be accountable for implementing legal enforcement measures and ensuring fund transfers are traceable. A possible 0.04% transaction tax on crypto trades is also being considered.
This move comes after FATF's grey-listing of Turkey for inadequate supervision of sectors prone to money laundering. đŒ What are your thoughts on this regulatory move? Comment below! đ